US Government vs. Facebook Libra

[Nekoma2018]

People may be forced to dish the United states dollar if this is successful... but the question here is , how decentralized will this currency be ?? Knowing the history of Facebook

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[Nezerlan]

Facebook is being seen as a threat to the US government. Mark Zuckerberg already has too much power with Facebook and people's data. Giving him power to control cryptocurrency in Libra will threaten the US dollar

[vladimirhf]

I really dont agree with Facebook venturing into the crypto space... but I think the world power are afraid..  this may lead to another form of non governmental uprising

Hard to say what's worse.. the governmental control or a cartel like this libra. Anyway it's good that they are fighting, to give more visibility to this subject. They can stop a centralized currency but not bitcoin.

[jcarlo]

Facebook is being seen as a threat to the US government. Mark Zuckerberg already has too much power with Facebook and people's data. Giving him power to control cryptocurrency in Libra will threaten the US dollar

I think Libra coin will not threaten US dollars because Libra coins are backed up by fiat currencies such as dollars, euros and pounds. Precisely with Libra coin, the use of digital dollars will be more massive and reduce paper money transactions because every Libra coin is printed, dollars will also be printed to back it up

[JeffBrad12]

Personally, I don't think that far.  Maybe there are other things that must be resolved by Facebook, such as administrative issues or other things.  So the government sent a letter to Facebook

It's not about administrative issues but US has already declared through its draft that already published in the congress if US against the facebook idea to issue its first token because it has a chance to disrupt the traditional banker system that already built by the bankers in US. it's a serious problem.

I just heard that, it looks like they are very scared of the Facebook plan.  Hopefully this will not disrupt the development of the crypto market in general

I quite agree about that but it looks like after facebook hearing we will give an answer about will US give permission for facebook or not. I guess US will because IMF has already announced if its organization wants to create its own crypto. Global tokenizations will be real.

[ParabellumLite]

The US government has found that they are apprehensive with the information of 2 billion users. If they establish Libra money, it will greatly affect their current traditional finance. That's why President Trump tweeted that if Facebook wanted to, follow the way to set up a traditional bank

[jarhed]

The US government has found that they are apprehensive with the information of 2 billion users. If they establish Libra money, it will greatly affect their current traditional finance. That's why President Trump tweeted that if Facebook wanted to, follow the way to set up a traditional bank

It seems to me that you need to understand the risks of such a new financial system that wants to create Facebook. I'm on the side of the United States.

[bitgolden]

Maybe the government has fear on it, because we all know how facebook itself dominates in the world in terms of business, then now they will be introducing a new stablecoin called libra, it could be possible and might be its a threat for US financial system, im not really sure, because libra is not yet out in the market this time.

Mark is a smart guy and intelligent to create a system that will totally affect or disregard the system of the government, he would not want to have any challenge too with the government and I believe that any system he is creating may likely even benefit the government more.

Government will surely be threatened after knowing what the blockchain technology is all about, and the fear or hatred they have for one of the products that was produced out of it, they are yet to see the negative impact of cryptocurrency on them and they are watching slowly to see how it gradually gets adopted, and what will be the outcome of its adoption.

With Facebook adoption, it means there will be sharp adoption which will override the way they gradually monitor the adoption for them to know if the use of cryptocurrency will have negative impact, but I am sure that Facebook will end up helping them in creating the centralized system they wished for.

[RealMalatesta]

Facebook can't afford to lose US market while the US won't lose Facebook. They would come into agreement of issuing the coin and making Facebook and its currency the universal spying tool for the US government the same way Facebook has been doing in the past.

I think Facebook can still survive without Libra if the US government is getting Libra nightmares. In addition, Libra is going to be in the market soon and people across the US will use it as well because the team management on the back of Libra has already discussed and made deals with the leading banks in the US. In addition, the government might not be too pressing to kill the coin.

If the government are really having issue with the Libra coin, there is no way that Libra will also succeed partnering with these banks because most of these banks are under government and they all work by government policy, before those banks can implement anything that will be used by the citizens financially, it has to go through the central bank and the central bank must seek approval from the government, except in countries where central bank is independent, but in my country central bank is solely dependent on the government.

Like you said, I do not see Libra coin really having such challenge because it seems there system will allay the fears of the government as regards cryptocurrency and since they are simply just building a centralized coin, I think that has already settled their issue with government.

[ilovealtcoins]

I like Us gov more than Libra because facebook created Libra and they know too much about users around the world.  They will threaten users' privacy.  I will choose Us Gov, I am anonymous and safe.

[Ziskinberg]

I like Us gov more than Libra because facebook created Libra and they know too much about users around the world.  They will threaten users' privacy.  I will choose Us Gov, I am anonymous and safe.

That's wrong, faceobook users now are billions in numbers, they have agree to submit their information and their photos and that's already a threat.
Government concern is only the regulatory side, they won't allow Libra to launch without complying those first.

[jostorres]

I like Us gov more than Libra because facebook created Libra and they know too much about users around the world.  They will threaten users' privacy.  I will choose Us Gov, I am anonymous and safe.

I think Google recorded Facebook having about 1.7 million users in their database, let us assume that they have like 1.2 billion active users who would be aware of the coin, because I am sure that Facebook will run some promotions that will make the Libra coin known to the active users.

At least 10 to 30% of those active users will surely be interested on what the Libra coin is all about and adopt it which will also be a plus to bitcoin and Ethereum, because I learnt that people will be able to use Bitcoin and Ethereum alone to buy the Libra coin, and this also means massive adoption for bitcoin which will make the price rise since there will be so much demand for those coins, and the higher the demand, the higher the value rises. Facebook is really going to be a blessing in disguise to the cryptocurrency space.

[Distinctin]

I think Google recorded Facebook having about 1.7 million users in their database, let us assume that they have like 1.2 billion active users who would be aware of the coin, because I am sure that Facebook will run some promotions that will make the Libra coin known to the active users.

Once you are using the facebook, it would be easy for them to make a promotion so Libra will be noticed by the facebook users, they are in control on this, if they can promote other company or business, for sure they can do better with their own.

[RealMalatesta]

I think Google recorded Facebook having about 1.7 million users in their database, let us assume that they have like 1.2 billion active users who would be aware of the coin, because I am sure that Facebook will run some promotions that will make the Libra coin known to the active users.

Once you are using the facebook, it would be easy for them to make a promotion so Libra will be noticed by the facebook users, they are in control on this, if they can promote other company or business, for sure they can do better with their own.

I just see all these as bureaucracy, people have been making payments to Facebook advert without any complain, and they have been running this smoothly for a long time with their partnership with credit cards, PayPal and the rest, so what other additional benefit will Facebook add to them.

One of the reasons why blockchain was development was to first eliminate third party, which may lead to reduced cost of doing business, but in this case of Facebook, I have not rally seen where this will fit in because they are not creating a decentralized system, the coin Libra will still need to be purchased by fiat which will still require the use of credit and debit card while some people will still use PayPal too. This is why I just see it as duplication of system that as never given any issue, their coin is just like proffering solution to a problem that does not exist.

[SquallLeonhart]

Personally, I don't think that far.  Maybe there are other things that must be resolved by Facebook, such as administrative issues or other things.  So the government sent a letter to Facebook

It's not about administrative issues but US has already declared through its draft that already published in the congress if US against the facebook idea to issue its first token because it has a chance to disrupt the traditional banker system that already built by the bankers in US. it's a serious problem.

I just heard that, it looks like they are very scared of the Facebook plan.  Hopefully this will not disrupt the development of the crypto market in general

Well, two things I see about Facebook’s plan to introduce its own currency is that it may Make and it may Mar the cryptocurrency industry, it will make the cryptocurrency industry in the sense that it will introduce cryptocurrency to virtually over 2 billion of its users and once these people know about crypto and pickinterest in it, then that maybe be a bygone for the traditional banks operating, but if this is the case, government would always want the establishment of traditional banks that they can easily have control over, and they might all team up with other government to declare cryptocurrency as illegal, so I don’t know which side Facebook will take.

Government don’t like cryptocurrency, but they can still make do with the level of compliance it is now and the little awareness going round, but with Facebook coin, crypto compliance will become high which they would not want.

[timmmers]

US government is made up of smart people and they really realize the potential risk of Facebook Libra Coin. Facebook nows everything about you, give them an ability to manage money and states will no longer be needed.